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OUR DAILY mortgage rates

BOOK YOUR RATES FOR THE NEXT 150 DAYS

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Multi-Prêts rate

Today’s mortgage rates

Multi-Prêts rate

Today’s mortgage rates

Multi-Prêts rate

Today’s mortgage rates

Multi-Prêts rate

Today’s mortgage rates

Multi-Prêts rate

Today’s mortgage rates

* Some conditions may apply. Subject to change without notice. Rates may vary depending on amount borrowed, collateral offered or other factors. Contact your broker at Équipe Caron Mortgage Brokers for more information.

THE DIFFERENT TYPES OF MORTGAGE RATES

Open or closed: mortgages in all their states

There are two main categories of mortgages: open and closed. Here are the differences between them, their advantages and disadvantages.

The most popular: closed mortgage FOR OWNERS WHO LIVE IN THEIR HOME

The most popular type of loan for Canadians is the closed mortgage, primarily because it offers the lowest interest rates. The rate can be fixed (the interest rate stays the same for the entire term) or variable (the rate fluctuates with the market). A closed loan cannot be repaid in full without penalty. Only additional fixed payments in amounts determined by the bank (often 10% of the original mortgage principal) can be paid without penalty. 

This type of loan is therefore ideal for anyone who intends to pay only their monthly payments, with or without prepayment.

The open mortgage: ideal for those waiting for a cash flow or planning to sell soon

With an open mortgage, you can pay off any amount on your mortgage at any time without penalty (or even in full). This makes it the perfect option for those who are expecting an influx of cash in the near future (such as an inheritance) or who are planning to move soon.   The Home Secured Loan (HELOC) is the most common type of open mortgage.

How much of a mortgage  can I get?

Are your expectations realistic given your financial situation? Here’s what lenders will look for before they give you a loan and determine the amount.

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